TD Ameritrade is owned by The Charles Schwab Corporation. Effective October 6, 2020, Schwab completed its acquisition of TD Ameritrade Holding Corporation and its subsidiaries, according to Schwab's Form 10-K for 2020. Schwab then moved TD Ameritrade's client accounts onto its own platform, finishing those transitions in the second quarter of 2024, per Schwab's 2025 Form 10-K.
The "TD" in the name refers to Toronto-Dominion Bank, which held TD Ameritrade shares before the merger and received Schwab shares in it. TD sold all of its Schwab stock in February 2025, per the 2025 10-K. Every figure below comes from Schwab's SEC filings and is dated to the filing.
Who owns TD Ameritrade now?
Charles Schwab owns TD Ameritrade. The brokerage became part of Schwab in an all-stock merger, and its customers were later moved into Schwab accounts. Its former legal entities now sit inside Schwab's brokerage business. Schwab itself is owned by public shareholders.
Schwab's 2020 10-K describes TD Ameritrade as providing securities brokerage services, including trade execution, clearing and margin lending, through its broker-dealer subsidiaries, and says TD Ameritrade, Inc. and TD Ameritrade Clearing would continue to operate as separate broker-dealers while integration work continued. Schwab's 2025 10-K now refers to TD Ameritrade, Inc. as now part of Charles Schwab & Co., Inc., Schwab's broker-dealer subsidiary.
Before Oct 6, 2020 After the merger ------------------ ---------------- TD Ameritrade Holding Corp. ---> subsidiary of Charles Schwab Corp. TD Ameritrade stockholders ---> received Schwab common stock TD Bank (TDA shareholder) ---> received Schwab voting + nonvoting stock TD Ameritrade client accounts ---> moved to Schwab (finished Q2 2024)
How did the Schwab and TD Ameritrade merger work?
Schwab bought TD Ameritrade with its own shares instead of cash. Each TD Ameritrade shareholder received a fixed number of Schwab shares for every share held. Toronto-Dominion Bank was treated slightly differently, receiving part of its payment in a special nonvoting class of Schwab stock.
The 2020 10-K says that in exchange for each share of TD Ameritrade common stock, TD Ameritrade stockholders received 1.0837 shares of Schwab common stock, except that The Toronto-Dominion Bank and its affiliates received a portion in nonvoting common stock. The 2025 10-K confirms that Schwab issued the nonvoting class to TD Bank and its affiliates in conjunction with the 2020 acquisition, and that nonvoting shares carried the same economic rights as common stock but no general voting rights.
The merger also created a lasting cash arrangement with TD. Under an insured deposit account (IDA) agreement effective October 6, 2020, cash in eligible brokerage client accounts is swept to deposit accounts at TD's US banks, per the 2020 10-K. A later version, the 2023 IDA agreement with TD Bank USA and TD Bank, N.A., still governs those sweeps, according to the 2025 10-K.
When did TD Ameritrade accounts move to Schwab?
TD Ameritrade customers were moved into Schwab accounts after the merger. The final client account transitions finished more than three years after the deal took effect, and Schwab says it completed the wider integration in the same year. Spending on the integration fell once that work was done.
Schwab's 2025 10-K says capital spending fell in 2024 partly because Schwab completed Ameritrade client account transitions in the second quarter of 2024 and completed the Ameritrade integration. The same filing says spending on the Ameritrade integration decreased in 2024 as Schwab completed the final integration activities.
Does TD Bank still own part of Schwab or TD Ameritrade?
No. Toronto-Dominion Bank's stake in Schwab, which it received in the TD Ameritrade merger, was sold off in a single public offering and a direct buyback. Since then TD has held no Schwab common stock. TD still has a business relationship with Schwab through the deposit sweep agreement.
The 2025 10-K says that on February 12, 2025, TD Group US Holdings LLC sold 133.8 million common shares and 31.7 million nonvoting shares in a secondary offering at $79.25 per share, an aggregate of $13.1 billion, with none of the proceeds going to Schwab. Concurrently, Schwab repurchased TD's remaining 19.2 million nonvoting shares for an aggregate of $1.5 billion, and TD Bank disposed of all of its Schwab common shares, per the same filing.
Who owns Charles Schwab?
Schwab is a public company with no controlling shareholder. Its namesake and one large asset manager are the only holders above five percent. Owning a slice of the former TD Ameritrade today means owning Schwab stock, which trades on the New York Stock Exchange.
As of March 3, 2026, Schwab's 2026 proxy statement lists Charles R. Schwab with 103,039,913 shares (5.9%) and BlackRock with 96,697,577 shares (5.6%), and all directors and executive officers as a group at 6.3%. Schwab's common stock trades under the symbol SCHW on the New York Stock Exchange, per its 2025 10-K. For how another large US financial firm is owned, see Who Owns JPMorgan Chase?.
Where this ownership data falls short
TD Ameritrade no longer files its own reports, so everything here comes from Schwab's filings, which describe TD Ameritrade only where it affects Schwab. The proxy's large-holder figures are dated snapshots. Integration milestones are reported in passing rather than as a formal timeline.
Three limits apply. First, the account transition date comes from a capital spending discussion in the 2025 10-K, not a dedicated disclosure. Second, the BlackRock row in the 2026 proxy relies on a January 2024 Schedule 13G/A. Third, the 1.0837 exchange ratio in the 2020 10-K describes the deal terms, not the value TD Ameritrade holders realized later.
Frequently asked questions
Does TD Ameritrade still exist?
Its clients now hold Schwab accounts; Schwab finished those transitions in the second quarter of 2024, per its 2025 10-K.
Was TD Ameritrade owned by TD Bank?
TD Bank was a TD Ameritrade shareholder and received Schwab voting and nonvoting shares in the merger, per Schwab's 2020 10-K.
When did Schwab buy TD Ameritrade?
The acquisition was effective October 6, 2020, per Schwab's 2020 10-K.
How can I check this myself?
Read Schwab's 10-K filings and proxy on SEC EDGAR.
Sources and methodology
Deal terms, the IDA agreement and TD Ameritrade's pre-merger business come from Schwab's Form 10-K for 2020 (filed February 24, 2021). Account transitions, TD Bank's 2025 exit and the 2023 IDA agreement come from Schwab's Form 10-K for 2025 (filed February 25, 2026). Schwab's ownership figures come from Schwab's 2026 proxy statement (DEF 14A, filed April 6, 2026), with holdings as of March 3, 2026. All were fetched from SEC EDGAR on October 18, 2026. No ownership percentage in this article comes from any other source.